Samsung looking to cut costs after unimpressive financial quarter

Samsung may be at the top in the smartphone market, but it's no secret that recent times have been less than stellar for the Korean manufacturer. Samsung's smartphone shipments saw a huge dip over the last year, and so did the company's profits. As a result, some Samsung managers went as far as returning some of their bonuses, and now the company is reportedly looking at cutting costs to improve its finances. Apparently, the first cost that Samsung will be doing away with managerial business trips, a move that Samsung expects will help it save 20 percent on all the expenses related to these trips. 

Samsung reportedly spent $38 million on airfares last year, and is now talking to various global airlines for an exclusive deal for cheaper flights. In addition to that, the company is also rumored to be thinking of cutting down on labor costs. According to The Korea Herald, “it could be a possible scenario for Samsung Electronics to start downsizing up to 20 percent of its executives, streamlining subcontractors, unless it see a business pick-up in near future.” Hopefully, these cost cutting measures won't mean that Samsung's devices will continue to remain overpriced for the hardware they offer, compared to those from up and coming manufacturers like Xiaomi or even Motorola, though it will likely be a long while before Samsung makes changes to that tradition. 

Via | Source